2025 年 04 月 23 日 "核+军+民"三线并进，多维优势撬动万亿高景 气赛道 —景业智能（688290.SH）公司事件点评报告 景业智能 4 月 17 日发布 2024 年年度报告:2024 年实现营业 收入 2.76 亿元（同比增加 7.94%），归母净利润 0.38 亿元 (同比增加 8.40%)，扣非归母净利润 0.17 亿元(同比增加 5.67%)。 投资要点 ▌行业景气提升，政策与需求共振打开万亿空间 我国核能产业已迈入规模化、自主化与高质量发展并行的新 阶段，成为实现"双碳"目标的核心支撑。截至 2024 年底， 国内商运核电机组达 57 台，总装机容量 6083 万千瓦，叠加 国务院连续三年核准超 10 台机组，全国在运及在建机组总装 机容量突破 1.13 亿千瓦，规模全球第一。核技术应用领域， 《核技术应用产业高质量发展三年行动方案（2024-2026 年）》明确政策支持，行业产值预计从 2024 年 2400 亿元增 至 2026 年 4000 亿元，CAGR 达 15%-20%，核医学诊疗设备、 放射性药物及质子治疗中心等细分方向加速扩容。机器人及 智能装备方面，我国正处于技术突 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688290 证券简称：景业智能 公告编号：2025-032 杭州景业智能科技股份有限公司 首次公开发行部分限售股上市流通的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为41,363,481股。 本次股票上市流通总数为41,363,481股。 ● 本次股票上市流通日期为2025年4月29日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于2022年3月4日出具的《关于同意杭州景业智能科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2022〕459号），同意公司向社会公开发行人民币普通股（A 股）股票2,060万股，并于2022年4月29日在上海证券交易所科创板上市，发行完成后总股本为 82,400,000股，其中有限售条件流通股65,633,683股，占公司总股本的79.65%，无限售条件流通股 16,766,317股，占公司总股本的20.35%。 本次 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Viewpoints - The nuclear energy industry in China is entering a new phase of large-scale, independent, and high-quality development, becoming a core support for achieving carbon neutrality goals. The operational nuclear power units in China reached 57 by the end of 2024, with a total installed capacity of 60.83 million kilowatts, making it the largest globally [2][3] - The company, as a leader in nuclear industrial intelligent equipment, has established differentiated competitive barriers through deep technological accumulation and a full industry chain layout. It has made breakthroughs in key technologies and is enhancing its delivery capabilities through new operational facilities [3][6] - The dual engines of military and nuclear medicine are driving performance elasticity, with the military budget growing consistently and the company leveraging its technology transfer capabilities to enter new markets [7] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 276 million yuan, a year-on-year increase of 7.94%, and a net profit of 38 million yuan, up 8.40% year-on-year. The forecast for 2025-2027 projects revenues of 611 million, 752 million, and 875 million yuan respectively, with significant growth rates [8][10] Industry Outlook - The nuclear technology application sector is expected to grow from 240 billion yuan in 2024 to 400 billion yuan by 2026, with a compound annual growth rate (CAGR) of 15%-20%. The special robot market is projected to exceed 24 billion yuan in 2024, with a CAGR of 29.36% over the past five years [2][3] Technological and Operational Advantages - The company has made significant advancements in technology, including remote operation and explosion-proof equipment. New operational facilities are set to enhance its manufacturing capabilities and support order fulfillment [3][6] Strategic Collaborations - The company has established deep partnerships with leading organizations such as China National Nuclear Corporation and the Chinese Academy of Sciences, focusing on cutting-edge fields like nuclear fusion and intelligent robotics [6][7]

证券代码：688290 证券简称：景业智能 公告编号：2025-032 杭州景业智能科技股份有限公司 首次公开发行部分限售股上市流通的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 41,363,481股。 本次股票上市流通总数为41,363,481股。 本次股票上市流通日期为2025 年 4 月 29 日。 （一）资本公积金转增股本 2023 年 4 月 18 日，公司在上海证券交易所网站（www.sse.com.cn）披露了《杭 州景业智能科技股份有限公司 2022 年年度权益分派实施公告》（公告编号： 2023-020），公司以资本公积金向全体股东每 10 股转 2 股，公司股本总数由 82,400,000 股增至 98,880,000 股。 （二）以简易程序向特定对象发行股票 2023 年 8 月 1 日，公司完成了以简易程序向特定对象发行股票的股权登记， 新增 3,309,714 股，限售期为 6 个月，公司总股本由 98,88 ...

中信证券股份有限公司 关于杭州景业智能科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券""保荐人"）作为杭州景业智 能科技股份有限公司（以下简称"景业智能""公司"）首次公开发行股票并在科 创板上市、以简易程序向特定对象发行人民币普通股（A 股）股票的保荐人，根 据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管规则适用指引第 1 号——规范运作》 等法律法规和规范性文件的有关规定，对景业智能首次公开发行部分限售股上市 流通的事项进行了审慎核查，并出具核查意见如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 3 月 4 日出具的《关于同意杭州景 业智能科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕459 号），公司向社会公开发行人民币普通股（A 股）股票 2,060 万股，并于 2022 年 4 月 29 日在上海证券交易所科创板上市，发行完成后总股本为 82,400,000 股， 其中有限售条件流通股 65,633,683 股，占公司总股本的 7 ...

Core Viewpoint - Jingye Intelligent reported a total revenue of 276 million yuan for 2024, representing a year-on-year growth of 7.94%, while the net profit attributable to shareholders was 38 million yuan, up 8.40% year-on-year. However, the non-recurring net profit was only 17.18 million yuan, with a modest growth of 5.67% year-on-year and a significant rolling quarter-on-quarter decline of 20.23%, indicating insufficient profitability in core business operations [1][4][6]. Business Structure Reform - In 2024, the company implemented a divisional reform, categorizing its operations into three main divisions: nuclear industry, military industry, and new products, aimed at enhancing operational efficiency through organizational optimization [4]. - The nuclear division focuses on spent fuel reprocessing and nuclear fuel component manufacturing, maintaining stable order growth; the military division emphasizes special robots and specific scenario equipment, generating new business increments; the new products division promotes diversification in civilian products through technology research and external resource integration [4][6]. Business Layout - Jingye Intelligent continues to deepen its engagement in the nuclear and military sectors, with steady progress in spent fuel reprocessing and nuclear fuel component manufacturing, showing significant order growth. The military business is gradually recovering through product layouts in special robots and specific scenario equipment, contributing to new business increments [4][5]. - Despite progress in the nuclear and military sectors, overall business growth faces challenges due to intense market competition and low profit margins in the nuclear industry, as well as fluctuating market demand and low order conversion rates in the military sector [5]. Organizational Capability Building - To enhance organizational effectiveness, the company has adopted performance incentive mechanisms and supply chain optimization in 2024, establishing a "iron triangle" collaborative model centered on projects to improve order acquisition and delivery acceptance efficiency [6]. - The establishment of a supply chain center through the operation of its subsidiary, Zhikong Technology Industrial Park, aims to streamline procurement, manufacturing, and assembly processes, enhancing overall supply chain capabilities [6]. - Despite significant resource investment in organizational capability building, the actual results remain to be observed, as the decline in non-recurring net profit indicates ongoing challenges in cost control and operational efficiency, particularly in project delivery and supply chain management [6]. Overall Assessment - Overall, Jingye Intelligent achieved a slight increase in revenue through divisional reform and business layout optimization in 2024, but the substantial decline in non-recurring net profit highlights the inadequacy of its core business profitability. The company needs to further deepen its efforts in the nuclear, military, and civilian product sectors to enhance operational efficiency and cost control for sustainable profit growth [6].

第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在报告中详细描述可能存在 的相关风险，敬请查阅本报告"第三节管理层讨论与分析'四、风险因素'"部分内容。 3、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：688290 公司简称：景业智能 4、公司全体董事出席董事会会议。 5、天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 7、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经天健会计师事务所（特殊普通合伙）审计，杭州景业智能科技股份有限公司（以下简称"公司"）2024 年度合并报表归属于公司股东的净利润为3,760.00万元，截至2024年12月31 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 根据公司实际经营情况及所处行业、地区的薪酬水平、岗位职责，董事会薪酬与考核委员会和人力资源 部共同拟定了2025年度公司非独立董事薪酬方案。 关联董事来建良、章逸丰、金杰峰、朱艳秋、吴薇、滕越回避表决。 表决结果：同意3票，反对0票，弃权0票，回避表决6票，议案通过。 本议案尚需提交公司2024年年度股东大会审议。 （十）审议通过《关于2025年度独立董事津贴的议案》 董事会同意2025年度独立董事津贴为7万元/年（含税）。 独立董事楼翔、伊国栋、杨将新回避表决。 表决结果：同意6票，反对0票，弃权0票，回避表决3票，议案通过。 本议案尚需提交公司2024年年度股东大会审议。 （十一）审议通过《关于2025年度高级管理人员薪酬方案的议案》 根据公司实际经营情况及所处行业、地区的薪酬水平、岗位职责，董事会薪酬与考核委员会和人力资源 部共同拟定了2025年度高级管理人员薪酬方案。 关联董事章逸丰、金杰峰、朱艳秋回避表决。 表决结果：同意6票，反对0票，弃权0票，回避表决3票，议案通过。 （十二）审议通过《关于为公司及董监高购买责任险的议案》 为进一步完善公司风险管 ...

4月17日晚间，杭州景业智能科技股份有限公司(简称"景业智能"或"公司"，代码：688290.SH)发布2024 年年度报告和2025年第一季度报告。 2024年，景业智能在特种机器人及智能装备领域持续深耕，整体经营稳中向好，整年实现营业收入2.76 亿元，同比增长7.94%；归属于上市公司股东的净利润为3,760万元，同比增长8.4%；扣非净利润为 1,718万元，同比增长5.67%。 2025年第一季度，公司主营收入2150.52万元，同比下降7.54%；归母净利润-990.34万元，同比上升 11.37%；扣非净利润-1346.57万元，同比上升5.53%。 行业前景广阔，"核+军+民"战略布局稳步推进 整体来看，近六年我国工业机器人产量呈先升后降再升走势。据中商产业研究院与观研报告网数据显 示，2024年1-12月我国工业机器人产量累计约为556369套，同比增长14.2%；2024年12月我国工业机器 人产量约为71382套，环比增长24.9%。 图源：观研报告网 同时，2024年国产机器人销量占比预计将提升至55.63%，充分彰显出国产机器人技术性能的进步。随 着国家加码对核能、国防军工等战略性新 ...

Core Insights - The company reported a net cash flow from operating activities increase of 30.72%, while R&D expenses decreased by 25.06, indicating a significant shift in financial strategy [1][6]. Revenue and Profit - The company achieved a revenue of 275,725,673.21 CNY in 2024, a 7.94% increase from 255,442,358.56 CNY in 2023, but the growth rate has slowed compared to previous years [2]. - The net profit attributable to shareholders was 37,600,037.13 CNY, an 8.40% year-on-year increase, while the net profit excluding non-recurring items was 17,178,915.98 CNY, up 5.67% [3]. Earnings Per Share - Basic earnings per share rose to 0.37 CNY, a 5.71% increase from 0.35 CNY, while the diluted earnings per share excluding non-recurring items increased to 0.17 CNY, up 6.25% from 0.16 CNY [4]. Expense Analysis - Operating costs increased by 20.08% to 164,546,516.93 CNY, which is higher than revenue growth, potentially pressuring profit margins [5]. - R&D expenses significantly decreased to 30,416,777.27 CNY, down 25.06% from 40,585,915.34 CNY, with the proportion of R&D expenses to revenue dropping from 15.89% to 11.03% [6]. R&D Personnel - The number of R&D personnel decreased from 148 to 125, and total R&D personnel compensation fell from 37.38 million CNY to 31.05 million CNY, indicating a potential impact on innovation capabilities [7]. Cash Flow - The net cash flow from operating activities was 29,195,921.49 CNY, a 30.72% increase from 22,334,951.17 CNY in 2023, reflecting improved cash generation from core operations [8]. - The net cash flow from investing activities improved to -89,151,494.00 CNY, a 59.32% reduction from -219,163,881.19 CNY, suggesting a strategic shift in investment focus [9]. - The net cash flow from financing activities was -15,579,060.52 CNY, a decrease of 108.41% from 185,159,725.48 CNY in 2023, indicating a change in fundraising strategy [10].